26
Feb
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – February 26th, 2018

Last week's economic releases included minutes from the most recent FOMC meeting, a report on January sales of pre-owned homes and weekly readings on mortgage rates and new jobless claims. FOMC Minutes: Economic Strength Hints at More Rate Hikes Minutes of the January 30-31 meeting of the Fed's Federal Open Market Committee indicated that most Committee members believe that inflation will reach the Fed's goal of 2.00 percent. Members found that the economy was stronger since 2017 and expected "a gradual upward trajectory of the federal funds rate would be appropriate." While analysts expect three rate hikes in 2018, the…
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12
Feb
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – February 12th, 2018

Jerome "Jay" Powell was sworn in as Chair of the Federal Reserve amidst wild fluctuations in U.S. stock markets. Analysts attributed sliding stock prices to fears over inflation. Mr. Powell, who follows former Fed Chair Janet Yellen, introduced himself via a video clip on the Fed's website. Weekly readings on mortgage rates and new jobless claims were also released. New Fed Chair Promises "Transparency" in Video Introduction In a video introduction posted on the Fed's website, new Fed Chair Jay Powell promised that the Fed would explain "what we are doing and why we are doing it." Mr. Powell did not address…
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05
Feb
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – February 5th, 2018

Last week's economic releases included readings on pending home sales, Case-Shiller Home Price Indices and construction spending. The Federal Open Market Committee of the Federal Reserve released its monthly statement and weekly readings on mortgage rates and new jobless claims were released. Last week's economic readings wrapped with a report on consumer confidence. Case-Shiller: Home Prices Rise in November Home prices rose an average of 0.70 percent monthly and 6.20 percent year-over-year according to Case-Shiller's national home price index for November. Seattle, Washington posted the highest year-over-year home price growth rate at 12.70 percent. Las Vegas, Nevada posted year-over-year home…
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16
Feb
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – February 16, 2016

Last week's economic events included weekly releases on new jobless claims, mortgage rates and testimony by Fed Chair Janet Yellen concerning the Federal Reserve's monetary policy. Here are the details: Mortgage Rates, New Jobless Claims Drop Freddie Mac reported that average mortgage rates fell across the board last Thursday, with the rate for a 30-year fixed rate mortgage seven basis points lower at 3.65 percent. The average rate for a 15-year fixed rate mortgage was six basis points lower at 2.95 percent, and the average rate for a 5/1 adjustable rate mortgage was two basis points lower at 2.83 percent.…
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08
Feb
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – Feburary 8, 2016

Last week's scheduled economic news included reports on construction spending and several labor-related reports along with weekly reports on mortgage rates and new jobless claims. The details: Construction Spending Higher in December U.S. construction spending rose by 0.10 percent in December for a seasonally adjusted annual total of $1.12 trillion. The Commerce Department reported that construction firms spent 10.5 percent more than in 2014.Residential construction spending totaled $416.8 billion for 2015, which was 12.60 percent higher than in 2015. Higher construction spending can be a double-edged sword, as it can indicate that builders are stepping up construction or that they…
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01
Feb
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – Feburary 1, 2016

Last week's economic events included S&P Case-Shiller's home price indexes, reports on new and pending home sales and the Fed's FOMC statement. The details: Case-Shiller Reports Fast Paced Home Price Growth According to S&P Case-Shiller Home Price Indexes, U.S. home prices grew at their fastest pace in 16 months in November. Portland, Oregon led the charge with home prices increasing 11.10 percent year-over-year followed by San Francisco, California at 11.0 percent; Denver, Colorado posted a year-over-year gain of 10.90 percent. 14 cities posted home price gains while four cities posted declines in home prices and two cities posted no change…
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